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When prices for cash delivery in commodity markets are higher than for forward delivery. The opposite of contango.
balance of payments
A statement of a country's net financial transactions with other countries. Current account measures balance of imports and exports and payments and receipts for services such as shipping, banking and tourism. Capital account measures movements of capital (bank deposits, securities, shares, property).
Bank for International Settlements (BIS)
The central bankers' bank based in Basle, Switzerland.
Insolvency procedure for individuals.
Annual interest rate on which lending charges are calculated by British banks.
Usually one hundredth of a percentage point (0.01 per cent), used in quoting movements in interest rates or yields on securities.
Committee set up by the Bank for International Settlements and based in Basle. It drew up international capital adequacy standards for banks and was once known as the Cooke Committee, after a former chairman.
An investor who expects share prices to fall and thus likely to sell short. More generally, a pessimist about the market outlook. See also bull
A period of falling share prices; a pessimistic state of affairs. See also bull market
Stock not registered in the name of an owner, who can thus remain anonymous. Common on the continent of Europe.
bed and breakfast
Now obsolete overnight UK capital gains tax related manoeuvre intended to establish a tax loss benefit.
Changes in UK stock exchange practices that took place in 1986. They abolished the segregation between brokers and jobbers (securities market makers) and ended the system of fixed commissions.
New York Stock Exchange's price display, also used as a synonym for the exchange.
In Japan, the largest securities houses: Daiwa, Nikko, Nomura and Yamaichi. In the UK, once the four largest English 'high-street' banks: Barclays, Midland (now HSBC), Lloyds (now Lloyds TSB) and National Westminster (now part of Royal Bank of Scotland); takeovers have made the term obsolete.
The big Anglo-American accountancy firms: Arthur Andersen; Deloitte & Touche; Ernst & Young; KPMG; and PricewaterhouseCoopers. Mergers have reduced them from an original Big Eight. Individual country arms of the groups may have slightly different names.
see capital adequacy
A stock considered reliable with regard to dividend income and capital value.
A certificate of debt issued to raise funds. It normally has a fixed rate of interest and is repayable at a fixed date.
Gradings by debt rating agencies such as Standard & Poor's or Moody's Investors Services to classify the investment-worthiness of a company's debt.
An arrangement where a broker buys all of a new issue of shares and sells them on to investors at a small premium.
Brady bonds were first issued by the Mexican government as part of its 1990 debt restructuring and have evolved into a IMF/World Bank-backed scheme for restructuring emerging market sovereign debt by issuing bonds collateralised by US treasury bonds. Named for Nicholas Brady, the US Treasury secretary in the early 1990s.
The site in New Hampshire of a US-sponsored international conference in 1944 which resulted in the establishment of the World Bank and the International Monetary Fund.
Stockbrokers' and bank analysts' opinions and forecasts, often called estimates, of future company performance translated into buy-sell-hold advice for investors.
The Brown Book’s official title is Development of the Oil and Gas Resources of the United Kingdom; an annual report.
Usually the gap between government spending and revenue and thus the amount that needs to be borrowed. Definition varies between countries. See also public sector borrowing requirement
Mutually-owned UK savings institution that specialises in loans for house purchase.
An investor who expects share prices to rise. See also bear
A period of rising share prices; an optimistic state of affairs. See also bear market
The German central bank.
see management buy-out/in
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